PLMR Investor presentation

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plmr.com Investor Presentation February 2026

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Disclaimer 2 This presentation contains forward-looking statements about Palomar Holdings, Inc. (the “Company”). These statements involve known and unknown risks that relate to the Company’s future events or future financial performance and the actual results could differ materially from those discussed in this presentation. This presentation also includes financial measures which are not prepared in accordance with generally accepted accounting principles (“GAAP”). For a description of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the appendix to this present. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as ‘‘may’’, ‘‘will’’, ‘‘should’’, ‘‘expects’’, ‘‘plans’’, ‘‘anticipates’’, ‘‘could’’, ‘‘intends’’, ‘‘target’’, ‘‘projects’’, ‘‘contemplates’’, ‘‘believes’’, ‘‘estimates’’, ‘‘predicts’’, ‘‘would’’, ‘‘potential’’ or ‘‘continue’’ or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, plans or intentions. These forward-looking statements include, among others, statements relating to our future financial performance, our business prospects and strategy, anticipated financial position, liquidity and capital needs and other similar matters. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others, future results of operations; financial position; the impact of the ongoing and global COVID-19 pandemic; general economic, political and other risks, including currency and stock market fluctuations and uncertain economic environment; the volatility of the trading price of our common stock; and our expectations about market trends. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes. While the Company may elect to update these forward-looking statements at some point in the future, the Company has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this presentation. Additional risks and uncertainties relating to the Company and its business can be found in the "Risk Factors" section of Palomar Holdings, Inc.’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other filings with the United States Securities and Exchange Commission.

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AM Best rated “A” (Excellent) & Financial Size Category XI 3 Company Profile TRACK RECORD OF DELIVERING STRONG GROWTH AND CONTINUED PROFITABILITY 1. Includes PSIC, PESIC and Palomar Re. 2. This slide contains non-GAAP metrics. See GAAP reconciliation in the Appendix. FOURTH QUARTER HIGHLIGHTS (2)  Gross written premium (GWP) of $492.6 million; 31.8% YoY growth  Adjusted net income of $61.1 million, 48.0% YoY growth  Adjusted return on equity of 26.9%  Adjusted combined ratio of 73.4%  Closed the acquisition of Gray Surety on 1/31/2026; modestly EPS accretive in 2026 before generating scale in 2027 and beyond Balanced mix of admitted & E&S, residential & commercial property and casualty products Diversified growth engine anchored by Earthquake and strengthened by growing Casualty, Inland Marine & Property, Crop and Surety & Credit platforms Purpose built risk transfer strategy and reinsurance approach enabling earnings stability and growth Experienced management team committed to PLMR 2X — doubling adjusted net income every 3–5 years while sustaining ROE above 20% Leading specialty insurer with a portfolio intentionally designed to perform through all cycles (1)

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Inland Marine & Property • Diverse portfolio of niche casualty products led by industry veterans • Favorable rate environment with broad-based increases • Hired underwriting talent to expand geographies and distribution channels • Continue to conservatively manage gross and net limits while building reserves • Increased production beyond MPCI, enhanced Q4 performance and portfolio diversification • Full-year GWP $248M, well above initial $200M target • Positioned for >30% growth in 2026 • • Increased retention to 50% effective 1/1/26, reflecting balance sheet strength and risk confidence • Positioned for >30% growth in 2026; on track toward $500M mid-term and $1B long-term premium targets • Balance book of admitted and E&S and residential and commercial products • Admitted and residential strength offset commercial E&S pressure • Launched Construction Engineering product, completing Builder’s Risk suite • last quarter of impact from the • Recent acquisitions provide expertise, scale and geographic reach • Stable growth driver and key source of diversification • Including pro-forma Gray Surety acquisition, category would have represented approximately 7% of total GWP for FY 2025 • Balanced book: Residential (58%), Commercial (42%) • Admitted residential segment continues to benefit from strong retention and inflation guard • Upside for margin expansion due to soft property cat reinsurance market 4 Palomar Portfolio of Specialty Insurance Products FIVE KEY SPECIALTY INSURANCE PRODUCT CATEGORIES CONSTRUCTED TO EFFECTIVELY NAVIGATE MARKET CYCLES 4 FY 2025 GWP $2.0B Earthquake Casualty Crop Surety & Credit (1) 30% 27% 12% 3% 28% 1. Full quarterly breakout of Surety & Credit premium on slide 16 in the appendix. NEW CATEGORY:

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49% 39% 38% 34% 28% 51% 61% 62% 66% 72% 14% 18% 22% 22% 26% 76% 76% 71% 74% 73% $52M $71M $94M $134M $216M $- $50M $100M $150M $200M $250M 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2021 2022 2023 2024 2025 5 Profitable and Diverse Portfolio Positioned for Long-Term Value DIVERSIFICATION HAS DRIVEN GROWTH WHILE PRESERVING STRONG MARGINS AND PROFITABILITY Disciplined Business Mix Shift Supporting Consistent Profitability • Diversified portfolio enhances resilience across market cycles • Business mix has evolved but not at the sacrifice of combined ratio and overall profitability • Larger balance sheet and consistent catastrophe retentions reduce earnings volatility from a severe event • Value of the approach best demonstrated by results beating consensus 14 consecutive quarters Adjusted Net Income Continued Strong Growth Adjusted Combined Ratio Steady performance Adjusted ROE Consistent and increasing EQ GWP Continued growth Non-EQ GWP While EQ continues to grow, it is now a smaller component of our specialty mix as Non-EQ premium represents 72% of our specialty premium base.

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6 Casualty Franchise RESPONSIBLE GROWTH WITH A “WALK BEFORE WE RUN” APPROACH WITHIN NICHE MARKET SEGMENTS Conservative Approach • Diversified Casualty portfolio targets niche product segments with limited auto exposure • Led by experienced, proven underwriting leaders across each product line • Products supported by facultative and quota share reinsurance to help manage volatility • Disciplined risk profile with average net line sizes below $1M • Typically attaching at primary or buffer layers to reduce the impact of social inflation and nuclear verdicts • Highly conservative reserving supports balance sheet strength • Over 85% of Casualty reserves held as IBNR reinforcing earnings stability and long-term predictability • Casualty reserves are 17% of stockholder’s equity • A 10% increase in Casualty reserves represents less than 2% of stockholder’s equity Casualty IBNR 51% Non-Casualty IBNR 31% Non- Casualty Incurred 10% Casualty Incurred 8% IBNR Represents 82% of TotalNetReserves Total Net Reserves

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7 Comprehensive & Diverse Utilization of Reinsurance A BROAD SUITE OF RISK TRANSFER PRODUCTS HELPS TO MANAGE RISK, REDUCE VOLATILITY AND SUPPORT GROWTH Inland Marine Other Property Casualty Other Property Inland Marine Earthquake Fronting Casualty Crop Facultative • Individual risk-specific protection • ‘Second set of eyes’ for individual risk underwriting • Effective for newer lines of business or complex risks Excess of Loss (XOL) • Applies on either a per-risk or a portfolio basis (e.g. Catastrophe XOL) • Efficient protection against severity of a single event or loss above a fixed dollar retention Quota Share • ‘First dollar' pro-rata partner for portfolio • Control net line size and volatility for new and existing business • Mitigate shock losses • Generate fee income Catastrophe Bond • Provides fixed economics and capacity via multi-year treaties • Diversify beyond traditional reinsurance • Fully collateralized model Earthquake Other Property Earthquake Crop Inland Marine Earthquake

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8 Reinsurance Update DISCIPLINED AND DIVERSIFIED REINSURANCE STRATEGY PROVIDES MARGIN STABILITY Property Catastrophe Tower • Catastrophe reinsurance strategy blends multiple tools, including excess of loss (“XOL”), quota share, and insurance-linked securities (“ILS”) • 6/1/25 core Program supported by over 100 reinsurers and ILS investors • Mix of one-year and multi-year limit to reduce reinsurance pricing volatility • Earthquake reinsurance program: o Total ground-up earthquake coverage increased to approximately $3.5B while maintaining $20M occurrence retention o Includes $1.15B of earthquake limit via Torrey Pines Re catastrophe bond program • All perils excluding earthquake subject to separate reinsurance tower o Continental US Hurricane coverage to $100M o All perils excluding earthquake coverage to $85M o Per occurrence retention reduced to $11M • Placed standalone Laulima XOL treaty Recent Activity • Completed two new placements and renewed four quota share treaties • All renewed treaties executed at improved terms relative to expiring • Commercial earthquake quota share renewed approximately 15% down on a risk-adjusted basis • Earthquake XOL limit renewed down 15% on risk-adjusted basis • Market conditions remain favorable for buyers • Ongoing softening in the property cat reinsurance market anticipated through 2026

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• AI-driven automation to assist underwriting productivity and workflow • Third-party data enrichment leveraging AI models for portfolio optimization • Deploying AI to improve process optimization and drive operational efficiency • Scalable core systems leveraging best-in-class vendors • Proven playbooks for new product launches • Early adoption of business process outsourcing services for rapid scaling and cost efficiency 9 Technology and Data KEY ENABLER OF SPEED-TO-MARKET AND DIFFERENTIATION 1. Palomar Automated Submission System Built for Speed Building on Palomar’s …. Core Advantages • PASS(1) and frontends endorsed by Producer and Carrier partners • Sophisticated pricing tools with automated external data ingestion • Performance and exposure management data assets Leveraging AI and …….......New Technologies • Automated ingestion of catastrophe, hazard, exposure and market data • Granular exposure analytics supporting optimized XOL and quota share structures • Real time portfolio monitoring enhancing pricing, retention and concentration management Data & Analytics

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10 Palomar 2X Strategy STRATEGY TO DOUBLE ADJUSTED NET INCOME AND ACHIEVE AN ADJUSTED ROE + 20% OVER THE INTERMEDIATE TERM • Profitable growth • Anchored by earthquake franchise • Low volatility – specialty lines focus • Conservative and comprehensive risk transfer strategy • Selective entry into new markets • Sustain attractive margins Fundamental Principals • Greater gross / net line sizes enabled by surplus growth • Reinsurance program supports margin expansion • Investment leverage drives higher net investment income • Gray Surety acquisition adds scale and earnings Adjusted Net Income Drivers Leverage Scale to Enhance Profitable Growth Curate a “One-of-One” Distinct Portfolio Deepen our Position in Existing Markets and Unlock New opportunities Integrate, Optimize and Execute 2026 Strategic Initiatives

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11 2026 Full Year Guidance 2026 GUIDANCE IMPLIES EXCEEDING 2024 PALOMAR 2X GOAL IN TWO YEARS 2026 FULL YEAR OUTLOOK ADJUSTED NET INCOME $260M–$275M CURRENT RANGE IMPLIES: • Adjusted net income growth of 24% based on the midpoint of the range • Adjusted ROE above the Palomar 2X goal of 20% • $8M–$12M of catastrophe losses in 2026 2024 2026 Estimated 2023 Actuals $93.5M Adjusted Net Income 2025 Palomar 2X Goal $187.0M Adjusted Net Income Actuals $133.5M Palomar 2X Goal $267.0M Adjusted Net Income Actuals $216.1M Palomar 2X Goal $432.2M Adjusted Net Income Est. ANI $267.5M Palomar 2X Goal $535.0M Historic Performance & Outlook for Palomar 2X

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$94 $134 $216 $268 $41 $61 2023 2024 2025 2026E Q4'24 Q4'25 22% 22% 26% 23% 27% 2023 2024 2025 Q4'24 Q4'25 $1,142 $1,542 $2,028 $374 $493 2023 2024 2025 Q4'24 Q4'25 12 2025 Performance Continues Track Record of Strong Results ATTRACTIVE BUSINESS MODEL GENERATING PROFITABLE GROWTH GROWTH PROFITABILITY Gross Written Premium ($M) Adjusted Return on EquityAdjusted Net Income ($M) 1. This slide contains non-GAAP metrics. See GAAP reconciliation in the Appendix 2. Midpoint of of full year 2026 adjusted net income guidance RETURNS (2)

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13 Investment Portfolio as of December 31, 2025 HIGH QUALITY, LIQUID INVESTMENT PORTFOLIO PROVIDES COMPLEMENTARY EARNINGS STREAM Objectives: Maintain liquidity, preserve capital, and generate income within a disciplined risk framework. Portfolio Construction: Capacity to improve risk-adjusted performance through a modest and disciplined increase in both credit and duration risk. Investment Leverage and Earnings Contribution: Attractive investment leverage with a conservative risk profile. Opportunity for investment income to meaningfully contribute to adjusted net income over time . Weighted Average Duration: 3.8 Years Average Portfolio Credit Quality: “A1/A+” Average Fixed Income Book Yield: 4.8% Investment Leverage: 1.4x 12% 34% 26% 24% 4% Credit Rating AAA A AA BBB High Yield 40% 24% 12% 8% 3% 2% 5% 4% $1.4 Billion Total Investment Portfolio Corporate Bonds Municipal Bonds ABS Corporate HY Bonds MBS / CMBS Cash Equities Treasuries/Agencies

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Appendix 2025 Investor Day | March 20, 2025 15

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16 Five Product Categories STARTING WITH FIRST QUARTER 2026, SURETY & CREDIT WILL BECOME THE FIFTH CORE CATEGORY AND FRONTING PREMIUMS WILL BE ALLOCATED TO THEIR UNDERLYING LINE OF BUSINESS Three Months Ended Year Ended December 31, 2025 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Total % Total New Reporting: Earthquake $133,714 $147,710 $149,940 $143,516 $574,880 28% Casualty 131,648 144,388 170,994 168,140 615,170 30% Inland Marine & Property 114,661 153,040 141,739 129,352 538,792 27% Surety & Credit 13,921 11,687 14,741 11,514 51,864 3% Crop 48,220 39,464 119,757 40,106 247,547 12% Total: 442,164 496,288 597,171 492,629 2,028,252 100% Three Months Ended Year Ended December 31, 2025 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Total % Total As Reported: Earthquake $130,245 $147,702 $149,940 $143,516 $571,403 28% Casualty 110,487 128,222 152,034 150,477 541,220 27% Inland Marine & Property 99,284 120,031 117,871 110,722 447,908 22% Surety & Credit - - - - - 0% Fronting 53,927 60,869 57,569 47,808 220,173 11% Crop 48,220 39,464 119,757 40,106 247,547 12% Total: 442,164 496,288 597,171 492,629 2,028,251 100%

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17 (1) Indicates non-GAAP financial measure; see “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with GAAP. (2) NM – Not Meaningful Fourth Quarter and Full Year 2025 Financial Highlights Three Months Ended December 31, Year Ended December 31, 2025 2024 Change % Change 2025 2024 Change % Change (in thousands, except per share data) Gross written premiums $ 492,629 $ 373,723 $ 118,906 31.8% $ 2,028,252 $ 1,541,962 $ 486,290 31.5% Ceded written premiums (245,059) (204,492) (40,567) 19.8% (1,064,230) (897,111) (167,119) 18.6% Net written premiums 247,570 169,231 78,339 46.3% 964,022 644,851 319,171 49.5% Net earned premiums 233,460 144,890 88,570 61.1% 802,635 510,687 291,948 57.2% Commission and other income 1,541 750 791 105.5% 5,496 2,784 2,712 97.4% Total underwriting revenue (1) 235,001 145,640 89,361 61.4% 808,131 513,471 294,660 57.4% Losses and loss adjustment expenses 70,856 37,176 33,680 90.6% 228,594 134,759 93,835 69.6% Acquisition expenses, net of ceding commissions and fronting fees 62,867 40,585 22,282 54.9% 217,133 149,657 67,476 45.1% Other underwriting expenses 46,894 32,947 13,947 42.3% 176,458 117,113 59,345 50.7% Underwriting income (1) 54,384 34,932 19,452 55.7% 185,946 111,942 74,004 66.1% Interest expense (87) (87) — NM (392) (1,138) 746 -65.6% Net investment income 15,991 11,318 4,673 41.3% 56,005 35,824 20,181 56.3% Net realized and unrealized gains losses on investments 2,370 (1,201) 3,571 -297.3% 11,831 4,568 7,263 159.0% Income before income taxes 72,658 44,962 27,696 61.6% 253,390 151,196 102,194 67.6% Income tax expense 16,493 9,997 6,496 65.0% 56,320 33,623 22,697 67.5% Net income $ 56,165 $ 34,965 $ 21,200 60.6% $ 197,070 $ 117,573 $ 79,497 67.6% Adjustments: Net realized and unrealized gains losses on investments (2,370) 1,201 (3,571) -297.3% (11,831) (4,568) (7,263) 159.0% Expenses associated with transactions 1,075 922 153 16.6% 4,644 1,479 3,165 214.0% Stock-based compensation expense 5,543 4,780 763 16.0% 21,013 16,685 4,328 25.9% Amortization of intangibles 1,284 389 895 230.1% 4,683 1,558 3,125 200.6% Expenses associated with catastrophe bond - - - NM 2,660 2,483 177 7.1% Tax impact (581) (964) 383 -39.7% (2,124) (1,699) (425) 25.0% Adjusted net income (1) $ 61,116 $ 41,293 $ 19,823 48.0% $ 216,115 $ 133,511 $ 82,604 61.9% Key Financial and Operating Metrics Annualized return on equity 24.7% 19.5% 23.6% 19.6% Annualized adjusted return on equity (1) 26.9% 23.1% 25.9% 22.2% Loss ratio 30.4% 25.7% 28.5% 26.4% Expense ratio 46.4% 50.2% 48.4% 51.7% Combined ratio 76.8% 75.9% 76.9% 78.1% Adjusted combined ratio (1) 73.4% 71.7% 72.7% 73.7% Diluted earnings per share $ 2.06 $ 1.29 $ 7.17 $ 4.48 Diluted adjusted earnings per share (1) $ 2.24 $ 1.52 $ 7.86 $ 5.09 Catastrophe losses $ (2,063) $ 8,122 $ (728) $ 27,846 Catastrophe loss ratio (1) -0.9% 5.6% -0.1% 5.5% Adjusted combined ratio excluding catastrophe losses (1) 74.2% 66.1% 72.8% 68.3% Adjusted underwriting income (1) $ 62,286 $ 41,023 $ 21,263 51.8% $ 218,946 $ 134,147 $ 84,799 63.2%

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Reconciliation Of Non-GAAP Metrics Used In This Presentation Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 ($ in thousands, except per share data) Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $ 179,076 $ 109,958 $ 616,689 $ 398,745 Denominator: Net earned premiums $ 233,460 $ 144,890 $ 802,635 $ 510,687 Combined ratio 76.8% 75.9% 76.9% 78.1% Adjustments to numerator: Expenses associated with transactions $ (1,075) $ (922) $ (4,644) $ (1,479) Stock-based compensation expense (5,543) (4,780) (21,013) (16,685) Amortization of intangibles (1,284) (389) (4,683) (1,558) Expenses associated with catastrophe bond — — (2,660) (2,483) Adjusted combined ratio 73.4% 71.7% 72.7% 73.7% Adjusted net income $ 61,116 $ 41,293 $ 216,115 $ 133,511 Weighted-average common shares outstanding, diluted 27,321,828 27,206,225 27,485,250 26,223,842 Diluted adjusted earnings per share $ 2.24 $ 1.52 $ 7.86 $ 5.09 Numerator: Losses and loss adjustment expenses $ 70,856 $ 37,176 $ 228,594 $ 134,759 Denominator: Net earned premiums $ 233,460 $ 144,890 $ 802,635 $ 510,687 Loss ratio 30.4% 25.7% 28.5% 26.4% Numerator: Catastrophe losses $ (2,063) $ 8,122 $ (728) $ 27,846 Denominator: Net earned premiums $ 233,460 $ 144,890 $ 802,635 $ 510,687 Catastrophe loss ratio -0.9% 5.6% -0.1% 5.5% Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $ 179,076 $ 109,958 $ 616,689 $ 398,745 Denominator: Net earned premiums $ 233,460 $ 144,890 $ 802,635 $ 510,687 Combined ratio 76.8% 75.9% 76.9% 78.1% Adjustments to numerator: Expenses associated with transactions $ (1,075) $ (922) $ (4,644) $ (1,479) Stock-based compensation expense (5,543) (4,780) (21,013) (16,685) Amortization of intangibles (1,284) (389) (4,683) (1,558) Expenses associated with catastrophe bond — — (2,660) (2,483) Catastrophe losses 2,063 (8,122) 728 (27,846) Adjusted combined ratio excluding catastrophe losses 74.2% 66.1% 72.8% 68.3%

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19 Reconciliation Of Non-GAAP Metrics Used In This Presentation Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 ($ in thousands, except per share data) Total revenue $ 253,362 $ 155,757 $ 875,967 $ 553,863 Net investment income (15,991) (11,318) (56,005) (35,824) Net realized and unrealized (gains) losses on investments (2,370) 1,201 (11,831) (4,568) Underwriting revenue $ 235,001 $ 145,640 $ 808,131 $ 513,471 Income before income taxes $ 72,658 $ 44,962 $ 253,390 $ 151,196 Net investment income (15,991) (11,318) (56,005) (35,824) Net realized and unrealized (gains) losses on investments (2,370) 1,201 (11,831) (4,568) Interest expense 87 87 392 1,138 Underwriting income $ 54,384 $ 34,932 $ 185,946 $ 111,942 Expenses associated with transactions 1,075 922 4,644 1,479 Stock-based compensation expense 5,543 4,780 21,013 16,685 Amortization of intangibles 1,284 389 4,683 1,558 Expenses associated with catastrophe bond — — 2,660 2,483 Adjusted underwriting income $ 62,286 $ 41,023 $ 218,946 $ 134,147 Net income $ 56,165 $ 34,965 $ 197,070 $ 117,573 Adjustments: Net realized and unrealized (gains) losses on investments (2,370) 1,201 (11,831) (4,568) Expenses associated with transactions 1,075 922 4,644 1,479 Stock-based compensation expense 5,543 4,780 21,013 16,685 Amortization of intangibles 1,284 389 4,683 1,558 Expenses associated with catastrophe bond — — 2,660 2,483 Tax impact (581) (964) (2,124) (1,699) Adjusted net income $ 61,116 $ 41,293 $ 216,115 $ 133,511 Annualized adjusted net income $ 244,464 $ 165,172 $ 216,115 $ 133,511 Average stockholders’ equity $ 910,389 $ 716,171 $ 835,849 $ 600,140 Annualized adjusted return on equity 26.9% 23.1% 25.9% 22.2%

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